The future of Dresdner Kleinwort’s direct market access (DMA) business was called into question Friday, following unconfirmed reports of redundancies in its DMA division. Dresdner Kleinwort said that a number of positions were ‘under review’ but denied that any large-scale redundancies had taken place.
Dresdner Kleinwort stressed that the matter will not compromise its presence in the DMA space. “We are still going to be in the DMA business but in a different way,” comments Zach Tuckwell, European head of portfolio trading and flow derivatives, Dresdner Kleinwort.
A source close to the bank told theTRADEnews.com that a wave of redundancies had been triggered after one of its DMA teams performed poorly in 2007.